Dubai: The position taken by the US on the dollar is forcing the allies and partners of the US to look at alternate systems. At the same time, the effects of the Russia-Ukraine conflict create an environment to accelerate efforts to create a parallel and alternate financial system to the existing global financial system. In this scenario, it will be a game-changing decision for countries in the Middle East, like the United Arab Emirates (UAE) and Saudi Arabia, to join the BRICS, an organisation of Russia, Brazil, India, China, and South Africa.

This stand of the BRICS members is getting increasing support from the US allies and partner countries. Saudi Arabia, UAE and Turkey have already presented proposals for BRICS membership.

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